Forbes 17 Apr 2020

Getting Small Businesses The Loans They Need Faster, With Fewer Restrictions - Steve Forbes


Steve Forbes on why small businesses are in the economic emergency room and how they need at least $1 trillion more in loans than Washington is thinking about.

What's Ahead featuring Steve Forbes provides his insights and perspective, to stay on top of what's happening in this ever-turbulent world with glimpses into the future.

Last two weeks of March saw around 10 million Americans file for unemployment benefits - setting a historic record for the country. Those laid off are now pinning their hopes on additional benefits from the federal stimulus package recently approved by Congress. Among the beneficiaries are also small businesses that are struggling to cope with the economic fallout. Our correspondent Ediz Tiyansan reports from Los Angeles.
Denice Benefiel said she put her heart and soul into the business — and now she's "watching it go down the tubes." She said she blames the federal government, which she said did not do enough for small businesses.
The U.S. federal government's emergency lending program for small businesses recently allocated an additional 310 billion dollars after the first round of money ran out in just two weeks. Part of the problem is big businesses got a big chunk of the money meant for small businesses. CGTN'S Karina Huber has more.
California is trying to aid small businesses affected by a statewide lockdown prompted by the COVID-19 pandemic. Small businesses will have a year to give the state up to $50,000 in sales taxes they collect from customers. (April 3)

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